| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 27.9% | - | - |
| 2024 |
|---|
| 6.8% |
The MJG partnership returned 109.26% in 2025, its second-strongest year since inception, benefiting from ferocious precious metals performance and the resurgence of US mining investment driven by China-US critical minerals tensions. The portfolio's 35% precious metals weighting and 30% US-focused investments significantly outperformed. However, silver's parabolic 148% surge historically signals impending precious metals corrections, prompting tactical repositioning. The partnership has reduced precious metals exposure below 30% and raised cash to 14%, the highest since mid-2022. Copper exposure increased to 43% across seven investments, reflecting positive bias without reliance on further price appreciation. The prospect generation business model now represents 37% of the portfolio, positioned for 2026's expected exploration boom. While fresh capital inflows support near-term performance, the base case anticipates precious metals leadership transitioning to industrial metals, critical minerals, and energy. The partnership maintains disciplined bottom-up investing focused on management quality, asset fundamentals, and catalysts while preserving flexibility for the evolving commodity cycle.
The MJG partnership capitalizes on undervalued natural resource investments through bottom-up analysis focused on management expertise, asset quality, and company-specific fundamentals, while tactically positioning for a transition from precious metals leadership to broader commodity complex outperformance.
The MJG base case envisions a blend where the precious metals bull run stalls in the relatively near term, with leadership passing to industrial metals, critical minerals, agriculture, and energy. This baton-pass phase seems unlikely to match the twenty-month duration experienced between 2020-2022, as today's environment is characterized as the late innings of an economic cycle.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 11 2026 | 2025 Q4 | ALS.TO, BRVO.TO, ELE.TO, KLD.TO, KRY.TO, LRA.TO, RDG.TO | commodities, Copper, Critical Minerals, Exploration, Mining, natural resources, Precious Metals | - | The MJG partnership's exposure to copper has increased to 43% of the weighted portfolio across seven different investments, marking the highest weighting towards a single… |
| Jul 7 2025 | 2025 Q2 | ALS CN, BRVO CN, ELE CN, KLD CN, KRY CN, LRA CN, RDG CN, SME CN, STRR CN | Balance Sheets, cash flows, Compounding, Discipline, Quality | - | The letter emphasizes disciplined ownership of high-quality businesses with durable cash flows and long reinvestment runways. Management focuses on downside protection through balance-sheet strength and… |
| Jan 20 2025 | 2024 Q4 | ALS CN, BRVO CN, ELE CN, KLD CN, KRY CN, LRA CN, RDG CN, SME CN, STRR CN | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
CopperMarket shifted from deficit to surplus as Chinese demand stalled for first time in 25 years while supply expanded by 3 million tonnes since 2021. Exchange inventories reached 1.2 million tonnes, highest since 2003. Bearish outlook as China transitions from under-consuming to over-consuming copper. |
Base Metals China Inventories Surplus |
Critical MineralsThe portfolio includes exposure to critical minerals through Ramaco Resources, which produces metallurgical coal and is developing a rare earth elements deposit aimed at strengthening domestic supply chains for defense, batteries, and advanced technologies. However, the rare earths narrative faced increasing investor scrutiny during the quarter. |
Rare Earths Supply Chains Defense Battery Metals Domestic Production | |
Precious MetalsThe precious metals sector experienced dramatic outperformance in 2025, with the FTSE/JSE Precious Metals and Mining index more than tripling. This was the primary driver of South African equity market returns and the main reason for the Hedge Fund's underperformance relative to its benchmark. |
Platinum Mining South Africa Commodities | |
Prospect GenerationThe MJG partnership's exposure to the prospect generation business model has increased to 37% of the weighted portfolio across seven different positions. 2026 is set up for a boom in exploration activity, with high-quality prospect generators and explorers set to benefit from increased interest by investors and strategics alike. |
Junior Miners Mining Services Gold Copper Silver | |
| 2025 Q2 |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| ALS.TO | Altius announced that it had sold 2/3 of its 1.5% NSR covering the world-class Arthur Gold Project to Franco Nevada for US$275 million. In December, the company paid C$520 million in cash and shares for Lithium Royalty Corp, the single largest transaction in Altius company history. Altius in essence swapped a 1% NSR at the Arthur Gold Project for the world's single largest portfolio of lithium royalties. |
| BRVO.TO | Bravo released a PEA for its Luanga Project with both development scenarios yielding after-tax IRR's of 49% and after-tax payback periods of 2.4 years. The Base Case included an initial capex figure of US$496 million and an after-tax NPV of US$1.25 billion. The approval of a new Export Processing Zone near the Port of Vila do Conde, with Bravo designated as the 'anchor company' substantially increases the probability of a vertically integrated operation. |
| ELE.TO | The merger between Elemental Altus and EMX Royalty was completed in mid-November 2025 to form Elemental Royalty. The most significant strategic benefit of this transaction is the increased scale of the combined entity. A larger platform provides diversification across a broader base of royalty assets, typically results in a higher NAV multiple, and opens the door to inclusion in the GDX, GDXJ, and various other ETFs. |
| KLD.TO | The Kenorland share price appreciated by approximately 105% over the course of 2025, marking the second consecutive year in which the KLD share price has doubled. Kenorland shareholders were treated to an early Christmas present with the release of the long-awaited maiden resource at the Frotet Project, outlining 2.55 million inferred ounces at an average grade of 5.47 g/t Au. |
| KRY.TO | Koryx Copper was the Featured Investment in the January 2025 MJG partnership letter. From a high level, CEO Heye Daun and Chairman Alan Friedman appear to have caught the copper cycle flush. The Updated PEA yielded an after-tax NPV of US$1.35 billion, an after-tax IRR of 20.1%, and an after-tax payback period of 3.9 years. Koryx is the best positioned holding within the MJG portfolio to capitalize on the surging copper price. |
| LRA.TO | Lara announced the results of a PEA at Planalto on October 21st outlining a tidy, medium-sized operation that has a genuine chance of becoming Brazil's next greenfield copper project to make it into production. At assumed prices of $4.31 per pound copper and $2500 per ounce gold, the PEA yielded an after-tax NPV of US$378 million, an after-tax IRR of 21%, and an after-tax payback period of 3.5 years. |
| RDG.TO | Ridgeline announced a genuine discovery at Selena with drill hole SE25-053, which intercepted 8.6 meters at 10.4% Zn, 21.1 g/t Ag, 0.3% Pb, 0.1% Cu, 0.1 g/t Au, 0.1% Sb. This marks the first massive sulfide intercepts in the project's history, a vindication for Ridgeline CEO Chad Peters and VP Exploration Mike Harp. |
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